Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following correctly lists the planning steps of the planning/control cycle in financial accounting?

Approve expenditures, reconcile accounts, audit results, file reports

Record transactions, prepare financial statements, analyze variances, close accounts

Monitor performance, adjust budgets, prepare tax returns, issue dividends

Set objectives, identify alternatives, select an alternative, develop budgets

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Verified step by step guidance

Step 1: Understand the planning/control cycle in financial accounting, which involves setting objectives, identifying alternatives, selecting an alternative, and developing budgets. This cycle is used to ensure effective financial management and decision-making.

Step 2: Recognize that the planning phase focuses on establishing goals and determining the best course of action to achieve those goals. This includes setting objectives that align with the organization's financial strategy.

Step 3: Identify alternatives by brainstorming different approaches or strategies that could be used to meet the objectives. This step involves evaluating potential options based on their feasibility and impact.

Step 4: Select an alternative by analyzing the pros and cons of each option and choosing the one that best aligns with the organization's goals and resources. This decision should be supported by financial data and projections.

Step 5: Develop budgets to allocate resources effectively and provide a financial framework for implementing the chosen alternative. Budgets serve as a tool for monitoring and controlling financial performance during the execution phase.